Seizing the global HNW expat opportunity

Posted 25/06/2018

Author: Santa Fe Relocation

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HNW expats

In order to keep up with the demands of some of the world’s most lucrative expat markets, wealth managers will need to adapt a one-size-fits-all strategy into a tailored one when dealing with high net worth (HNW) individuals. A new report from GlobalData saw that around 65% of wealth managers target this particular demographic but the way that the market operates is an entirely different spectrum when compared to standard expat demographics. With demands in India and China even higher than before, the most affluent expatriates are looking at wealth managers to obtain a dedicated service. Here at Santa Fe Relocation, we’re taking a closer look into how wealth managers can capitalise on this market.

Market growth

In China and India in particular, the growth in HNW individuals moving around the world is expanding exponentially. Almost 11% of the HNW population is made up of expatriates from the Indian subcontinent, with Chinese expats also making up a large proportion. A significant number of HNW expats from across the globe have also migrated in order to start a business, which could be a significant market for wealth managers around the world. Further to this, many HNW expats are acquired as a result of client referrals and contacts and building and maintaining this contact could be an ideal avenue for many wealth management companies to consider when it comes to embracing this global HNW expat opportunity.

Changing priorities

While investment excellence is a key priority for many HNW individuals, due to the global nature of this new wave of expatriates, wealth protection and growth is more important than ever. While the regulatory environment has changed which is further increasing the costs of many wealth management services, global reach should be a priority when it comes to maintaining hold of the HNW expat demographic. Countries such as China offer significant room for investment in sustainable and profitable growth for wealth managers, while maintaining a key target demographic. Nevertheless, the market here is highly competitive for wealth management introducing further complexities for smaller or more niche wealth management businesses.

Investment in technological advancements

As client demands and priorities are changing, so should the priorities of wealth management companies looking to target the HNW expat demographic. In an ever-changing digital landscape, investment in the latest technological advancements and trends is imperative in order to offer a product suite which encompasses scalability and global capabilities which are unprecedented. HNW expats want to communicate with their banks and wealth managers instantly, 24/7, no matter where they are in the world, and these demands will need to be met at all times in order to maintain survival. Investment in the latest technological advancements in the industry can also help the ‘people’ to offer holistic and analytical advice which is backed heavily by stringent data, further complementing their expertise. In order to best seize the global HNW expat opportunity which is now being presented to wealth management firms across the globe, businesses will need to introduce an integrated network of technology and human interaction, in order to be trusted as investment experts who are available when their clients need them most.

Are you operating within a wealth management company looking to integrate the HNW expat community into your network from bases across the globe? At Santa Fe Relocation, we can provide you with the advice you require to shift your operations to another country to better target this niche. Get in touch with a member of our expert team to find out how we can help you, today.

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